With this purchase, the 30-year-old billionaire plans to create a secluded 700-acre sanctuary for his family, it added.
The first acquisition is Pila'a Beach, an isolated 393 acre land with a private white sand beach.
The second land is the adjacent Kahu'aina Plantation, a 357 acre former sugarcane plantation.
With a net worth of $32.2 billion (approximately Rs. 1,97,200 crores), Zuckerberg has paid a reported $66 million (approximately Rs. 404 crores) for the Kahu'aina Plantation and $49.6 million (approximately Rs. 303 crores) for Pila'a Beach.
Zuckerberg bought Pila'a Beach from Pfleuger Properties, a Hawaii limited partnership belonging to Jim Pfleuger, a retired local Honda dealer.
The Pila'a Beach property consists of five separate parcels, each which could be developed into private homes, the report added.
The Kahu'aina Plantation was owned by the California-based Falko Partners, belonging to a Hawaii land owner named Larry Bowman.